FSB Sub-Saharan Africa group discusses recent market turmoil, spill-over effects and crisis preparedness in the region

The group also discussed the recent turmoil in the banking sector in advanced economies and current or potential spillovers to the region, which have highlighted the importance of crisis preparedness and resolution planning for financial institutions. [...] Amongst them is the finalisation of the FSB’s recommendations for the regulation, supervision and oversight of crypto-asset markets and activities. [...] Enhancing cross-border payments in the region remains important, and the group welcomed the FSB’s steps to drive progress in meeting the G20 targets through its priority action plan. [...] Permanent observers include the Committee of Central Bank Governors of the Southern African Development Community, and the East African Community. [...] The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability.